El Paso to sell stake in Korean power plant for $276M

SAN FRANCISCO (MarketWatch) -- El Paso Corp.
EP, +10.26%
said Friday that it has agreed to sell its 50% stake in a power plant in Korea for $276 million. The company expects a pre-tax gain of $110 million from the sale of Korean Independent Energy Corporation to Korea Power Investments Co. Ltd. The Houston-based natural gas provider said the sale assists its plan to reduce debt to about $15 million by the end of 2005.

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